More than a dozen pension schemes are undertaking medically underwritten bulk annuity deals with Partnership, after the first two ‘enhanced buy-ins' were completed by the insurer last year.
Partnership head of de-risking David Harvey said about 50 schemes had explored the option, with 15 now conducting or having completed underwriting exercises. The process involves gathering information on members' health to enable insurers to price bulk annuities more accurately. Just Retirement, Legal & General and Aviva are also active in this market. The first two enhanced exercises were completed by Partnership in December and, according to a Pensions Institute report, underwriting in these cases cut the cost by 10%. Harvey said: "I won't say the concept has been proved beyond d...
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